(From left to right): Rashid Zulkifli advocates & solicitors partner Zulkifli Jafar, Ivory Properties Group Bhd project advisor to chief executive officer (Datuk Low Eng Hock) Javin Chua, Taman Segar Management Corporation chairman Chiam Toon Jou, Ivory Properties Group Bhd executive director Datuk Arifin Awang, Upper Label Sdn Bhd chief executive director Datuk Tony Chin and its project director Chin KL having a group photo after the signing ceremony at The Westin Kuala Lumpur on July 12.

KUALA LUMPUR: A new housing development scheme is set to replace three 35-year old blocks in Taman Segar, Cheras.

The new scheme, to be undertaken by Ivory Properties Group Bhd will construct new apartment blocks consisting at least 800 units, before demolishing three existing mid-cost blocks, Taman Segar Blok A, B and C.

These high rise towers will be constructed on a 4.456-acre land expanse valued at RM90 mil, targeted to sell at RM300,000 a unit.

300 units out of the entire number of homes built will be awarded to the existing occupants at the development site as compensation. The entire development is targeted to complete five years from construction commencement.

A memorandum of understanding (MoU) signing ceremony was held today (July 12) at The Westin Kuala Lumpur between Ivory, Taman Segar Management Corporation (TSMC) as the landowner and Upper Label Sdn Bhd as the project owner.

Upper Label had been appointed by Taman Segar Management Corporation to explore and coordinate the redevelopment with the authorities and developer.

The MoU was signed by Ivory’s executive director Datuk Arifin Awang, TSMC’s chairman Chiam Toon Jou and UL’s chief executive director Datuk’ Tony Chin.

Arifin said, units of the new development will be 800 sq ft sized and will come with one car park bay each.

Chiam said the residents are excited about the project and keen for the project to start as soon as possible.

“We look forward to the completion of the new development and better homes for the existing residents.

“The older residents are hoping the days of climbing up the staircase to get to their homes will soon be a thing in their past,” he said, adding that the current blocks are three to five storeys without lift service.